Mortgage bond prices opened weaker extending the losses from yesterday afternoon following stronger than expected payrolls data.
Unemployment @ 9.6% as expected, payrolls +151k, expected +60k, not bond friendly.
There is no additional data today but right now we are off on the wrong foot. We warned of the employment report all week so this should not be a surprise and told clients risks favored locking at 12pm et Thursday.
